finite population correction

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The standard error of the mean based on a sample of size n assumes that the population is infinite or at least so large that the effect of withdrawing items during the sampling process has a negligible effect. If the size of the sample, n, becomes a not insignificant fraction of the population, N, then the finite population correction is used to adjust the estimate of the standard error, which becomes It is common to use this correction if the sample size is more than 5% of the population, and it reduces the standard error, so resulting in a narrower confidence interval for the population mean.

Subjects: Mathematics.

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